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Delaware Extended Duration Bond Fund

Objective

Strategy

The Fund will primarily invest in long duration investment grade corporate bonds. The Fund may also invest in unrated bonds if we believe their credit quality is comparable to those that have investment grade ratings.

Key features

A high quality, research-driven long-term corporate bond fund designed to address long-term liabilities

An experienced management team and a time-tested process and philosophy

Fund information

Inception date

09/15/1998

Dividends paid (if any)

Monthly

Capital gains paid (if any)

December

Fund identifiers

NASDAQ

DEEAX

CUSIP

245908835

Investment minimums

Initial investment

$1,000

Subsequent Investments

$100

Systematic withdrawal balance

$5,000

Account features

Payroll Deduction

Yes

IRAs

Yes

On Sept. 25, 2014, Class B shares of the Fund converted to Class A shares.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor for some or all of the periods shown. Performance would have been lower without such waivers and reimbursements.

Los Angeles Department of Water & Power Power System Revenue 6.574 7/1/2045

2,225,000.00

$3,358,637.50

6.574

07/01/2045

0.46

Lowe's Cos Inc. 4.050 5/3/2047

5,775,000.00

$6,157,646.88

4.050

05/03/2047

0.86

MARATHON OIL CORP. 5.200 6/1/2045

3,730,000.00

$4,146,405.64

5.200

06/01/2045

0.58

Marriott International Inc. MD 4.500 10/1/2034

4,610,000.00

$4,909,121.23

4.500

10/01/2034

0.68

Martin Marietta Materials Inc. 4.250 12/15/2047

2,820,000.00

$2,799,422.46

4.250

12/15/2047

0.39

MetLife Inc. 4.600 5/13/2046

6,475,000.00

$7,397,247.85

4.600

05/13/2046

1.03

Metropolitan Transportation Authority 6.089 11/15/2040

3,205,000.00

$4,298,578.05

6.089

11/15/2040

0.60

Molson Coors Brewing Co. 4.200 7/15/2046

4,165,000.00

$4,257,874.92

4.200

07/15/2046

0.59

Morgan Stanley 3.950 4/23/2027

1,450,000.00

$1,474,880.55

3.950

04/23/2027

0.20

Morgan Stanley 4.375 1/22/2047

8,700,000.00

$9,552,064.08

4.375

01/22/2047

1.33

Morgan Stanley 5.550 12/29/2049

2,280,000.00

$2,371,200.00

0.000

12/29/2049

0.33

Mosaic Co. 5.625 11/15/2043

2,230,000.00

$2,409,237.81

5.625

11/15/2043

0.33

MPLX LP 5.200 3/1/2047

1,065,000.00

$1,172,277.77

5.200

03/01/2047

0.16

Mylan NV 5.250 6/15/2046

1,915,000.00

$2,104,490.40

5.250

06/15/2046

0.29

Myriad International Holdings BV 4.850 7/6/2027

975,000.00

$1,013,430.60

4.850

07/06/2027

0.14

National Rural Utilities Cooperative Finance Corp. 5.250 4/20/2046

935,000.00

$1,005,853.83

5.250

04/20/2046

0.14

Nationwide Mutual Insurance Co. 4.950 4/22/2044

3,200,000.00

$3,610,785.28

4.950

04/22/2044

0.50

New England Power Co. 3.800 12/5/2047

3,115,000.00

$3,190,026.64

3.800

12/05/2047

0.44

Newfield Exploration Co. 5.625 7/1/2024

1,275,000.00

$1,377,000.00

5.625

07/01/2024

0.19

Noble Energy Inc. 4.950 8/15/2047

1,325,000.00

$1,422,325.36

4.950

08/15/2047

0.19

Noble Energy Inc. 5.050 11/15/2044

5,200,000.00

$5,586,150.96

5.050

11/15/2044

0.78

Northrop Grumman Corp. 4.030 10/15/2047

6,910,000.00

$7,246,131.42

4.030

10/15/2047

1.01

Oklahoma Gas & Electric Co. 3.850 8/15/2047

5,265,000.00

$5,489,824.98

3.850

08/15/2047

0.76

ONEOK Inc. 4.950 7/13/2047

2,615,000.00

$2,728,865.99

4.950

07/13/2047

0.38

Oracle Corp. 3.800 11/15/2037

3,545,000.00

$3,725,699.29

3.800

11/15/2037

0.52

Oracle Corp. 4.000 11/15/2047

5,580,000.00

$5,951,925.41

4.000

11/15/2047

0.83

Pacific Life Insurance Co. 4.300 10/24/2067

6,270,000.00

$6,305,112.00

4.300

10/24/2067

0.88

Penske Truck Leasing Co. Lp PTL Finance Corp. 3.400 11/15/2026

6,440,000.00

$6,368,999.64

3.400

11/15/2026

0.89

Pernod Ricard S.A. 5.500 1/15/2042

5,605,000.00

$6,822,926.70

5.500

01/15/2042

0.95

PETROBRAS GLOBAL FINANCE BV 7.250 3/17/2044

1,595,000.00

$1,662,787.50

7.250

03/17/2044

0.23

Petroleos Mexicanos 6.750 9/21/2047

1,595,000.00

$1,668,928.25

6.750

09/21/2047

0.23

Piedmont Natural Gas Co. Inc. 3.640 11/1/2046

6,300,000.00

$6,213,271.68

3.640

11/01/2046

0.86

PNC Financial Services Group Inc. 5.000 12/29/2049

2,705,000.00

$2,867,300.00

5.000

12/29/2049

0.40

PPL Capital Funding Inc. 4.000 9/15/2047

3,630,000.00

$3,742,554.68

4.000

09/15/2047

0.52

Progressive Corp. 4.125 4/15/2047

3,990,000.00

$4,316,173.72

4.125

04/15/2047

0.60

Public Service Electric & Gas Co. 3.600 12/1/2047

2,235,000.00

$2,292,429.22

3.600

12/01/2047

0.32

QEP Resources Inc. 5.625 3/1/2026

1,025,000.00

$1,042,937.50

5.625

03/01/2026

0.14

Rockwell Collins Inc. 4.350 4/15/2047

5,100,000.00

$5,557,150.23

4.350

04/15/2047

0.77

RPM International Inc. 4.250 1/15/2048

3,115,000.00

$3,106,997.57

4.250

01/15/2048

0.43

Sabine Pass Liquefaction LLC 5.875 6/30/2026

6,725,000.00

$7,565,739.33

5.875

06/30/2026

1.05

SECURITIZED NET CASH - ACR1

7,420,257.86

$7,420,257.86

0.000

-

1.03

SECURITIZED NET CASH - CSH1 0.050 12/15/2038

-2,676,262.27

-$2,676,262.27

0.000

-

-0.38

SECURITIZED NET CASH - LT

-1,315,159.44

-$1,315,159.44

0.000

-

-0.19

Shell International Finance BV 4.000 5/10/2046

3,370,000.00

$3,595,072.19

4.000

05/10/2046

0.50

Southwest Gas Corp. 3.800 9/29/2046

2,850,000.00

$2,872,871.25

3.800

09/29/2046

0.40

Southwestern Public Service Co. 3.700 8/15/2047

3,165,000.00

$3,244,157.92

3.700

08/15/2047

0.45

Staples Inc. 8.500 9/15/2025

984,000.00

$912,660.00

8.500

09/15/2025

0.12

State of Oregon Department of Transportation 5.834 11/15/2034

1,605,000.00

$2,071,669.80

5.834

11/15/2034

0.28

Suncor Energy Inc. 4.000 11/15/2047

6,375,000.00

$6,546,657.71

4.000

11/15/2047

0.91

Tampa Electric Co. 4.200 5/15/2045

2,175,000.00

$2,247,530.38

4.200

05/15/2045

0.31

Telefonica Emisiones SAU 5.213 3/8/2047

1,405,000.00

$1,599,372.06

5.213

03/08/2047

0.22

Time Warner Cable LLC 7.300 7/1/2038

5,265,000.00

$6,614,446.35

7.300

07/01/2038

0.92

Transcanada Trust 5.300 3/15/2077

1,415,000.00

$1,461,871.88

5.300

03/15/2077

0.20

Transcanada Trust 5.875 8/15/2076

1,400,000.00

$1,519,000.00

5.875

08/15/2076

0.21

TTX Co. 4.200 7/1/2046

3,070,000.00

$3,161,353.99

4.200

07/01/2046

0.44

Tyson Foods Inc. 4.550 6/2/2047

7,270,000.00

$7,943,998.79

4.550

06/02/2047

1.11

UBS AG Stamford CT 7.625 8/17/2022

4,020,000.00

$4,706,214.00

7.625

08/17/2022

0.65

United Parcel Service Inc. 3.750 11/15/2047

6,920,000.00

$7,157,034.91

3.750

11/15/2047

1.00

United States Cash Management Bill 0.000 1/2/2018

4,639,351.71

$4,639,351.71

1.000

01/02/2018

0.64

United States Treasury Note Bond 2.250 11/15/2027

14,145,000.00

$13,943,235.72

2.250

11/15/2027

1.95

United States Treasury Note Bond 2.250 8/15/2027

270,000.00

$266,161.28

2.250

08/15/2027

0.03

United Technologies Corp. 3.750 11/1/2046

2,865,000.00

$2,874,269.42

3.750

11/01/2046

0.40

UNITED TECHNOLOGIES CORP. 4.050 5/4/2047

3,015,000.00

$3,160,867.21

4.050

05/04/2047

0.44

UPC Holding BV 5.500 1/15/2028

1,715,000.00

$1,672,125.00

5.500

01/15/2028

0.23

US Bancorp 5.125 12/29/2049

2,805,000.00

$2,920,706.25

5.125

12/29/2049

0.40

USB Capital IX 3.500 10/29/2049

810,000.00

$734,062.50

3.500

10/29/2049

0.10

USB Realty Corp. 2.506 12/22/2049

400,000.00

$361,500.00

0.000

12/22/2049

0.05

Valmont Industries Inc. 5.000 10/1/2044

6,255,000.00

$6,566,540.28

5.000

10/01/2044

0.91

Verizon Communications Inc. 4.500 8/10/2033

5,430,000.00

$5,707,625.58

4.500

08/10/2033

0.79

Virginia Electric & Power Co. 3.800 9/15/2047

5,115,000.00

$5,313,522.36

3.800

09/15/2047

0.74

Visa Inc. 3.650 9/15/2047

3,070,000.00

$3,155,122.81

3.650

09/15/2047

0.44

Wells Fargo Capital X 5.950 12/15/2036

3,245,000.00

$3,699,300.00

5.950

12/15/2036

0.51

Westlake Chemical Corp. 4.375 11/15/2047

3,830,000.00

$3,990,490.02

4.375

11/15/2047

0.55

Westpac Banking Corp. New Zealand 5.000 12/29/2049

875,000.00

$873,389.39

5.000

12/29/2049

0.12

Woodside Finance Ltd. 3.700 3/15/2028

3,245,000.00

$3,228,505.67

3.700

03/15/2028

0.45

XLIT Ltd. 3.817 12/29/2049

1,260,000.00

$1,131,480.00

3.817

12/29/2049

0.15

XLIT Ltd. 5.500 3/31/2045

1,895,000.00

$2,019,089.15

5.500

03/31/2045

0.28

Portfolio holdings are as of the date noted below and are subject to change at any time. Holdings may not be representative of current or future investments and may not include the entire investment portfolio. Holdings information is made available to the public 30 calendar days after the most recent month-end.

Holdings data is for informational purposes only, and is not intended as a recommendation, offer, or solicitation for the purchase or sale of any specific security. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or part. In no event shall the Delaware Family of Funds or its affiliates have any liability relating to the use of the portfolio holdings.

Unlike the Fund's regulatory filings, the portfolio data and its presentation in this document is not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it may differ from that provided in the complete portfolio of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete portfolio of investments filed in the first and third quarter on Form N-Q.

Los Angeles Department of Water & Power Power System Revenue 6.574 7/1/2045

2,225,000.00

$3,358,637.50

6.574

07/01/2045

0.46

Lowe's Cos Inc. 4.050 5/3/2047

5,775,000.00

$6,157,646.88

4.050

05/03/2047

0.86

MARATHON OIL CORP. 5.200 6/1/2045

3,730,000.00

$4,146,405.64

5.200

06/01/2045

0.58

Marriott International Inc. MD 4.500 10/1/2034

4,610,000.00

$4,909,121.23

4.500

10/01/2034

0.68

Martin Marietta Materials Inc. 4.250 12/15/2047

2,820,000.00

$2,799,422.46

4.250

12/15/2047

0.39

MetLife Inc. 4.600 5/13/2046

6,475,000.00

$7,397,247.85

4.600

05/13/2046

1.03

Metropolitan Transportation Authority 6.089 11/15/2040

3,205,000.00

$4,298,578.05

6.089

11/15/2040

0.60

Molson Coors Brewing Co. 4.200 7/15/2046

4,165,000.00

$4,257,874.92

4.200

07/15/2046

0.59

Morgan Stanley 3.950 4/23/2027

1,450,000.00

$1,474,880.55

3.950

04/23/2027

0.20

Morgan Stanley 4.375 1/22/2047

8,700,000.00

$9,552,064.08

4.375

01/22/2047

1.33

Morgan Stanley 5.550 12/29/2049

2,280,000.00

$2,371,200.00

0.000

12/29/2049

0.33

Mosaic Co. 5.625 11/15/2043

2,230,000.00

$2,409,237.81

5.625

11/15/2043

0.33

MPLX LP 5.200 3/1/2047

1,065,000.00

$1,172,277.77

5.200

03/01/2047

0.16

Mylan NV 5.250 6/15/2046

1,915,000.00

$2,104,490.40

5.250

06/15/2046

0.29

Myriad International Holdings BV 4.850 7/6/2027

975,000.00

$1,013,430.60

4.850

07/06/2027

0.14

National Rural Utilities Cooperative Finance Corp. 5.250 4/20/2046

935,000.00

$1,005,853.83

5.250

04/20/2046

0.14

Nationwide Mutual Insurance Co. 4.950 4/22/2044

3,200,000.00

$3,610,785.28

4.950

04/22/2044

0.50

New England Power Co. 3.800 12/5/2047

3,115,000.00

$3,190,026.64

3.800

12/05/2047

0.44

Newfield Exploration Co. 5.625 7/1/2024

1,275,000.00

$1,377,000.00

5.625

07/01/2024

0.19

Noble Energy Inc. 4.950 8/15/2047

1,325,000.00

$1,422,325.36

4.950

08/15/2047

0.19

Noble Energy Inc. 5.050 11/15/2044

5,200,000.00

$5,586,150.96

5.050

11/15/2044

0.78

Northrop Grumman Corp. 4.030 10/15/2047

6,910,000.00

$7,246,131.42

4.030

10/15/2047

1.01

Oklahoma Gas & Electric Co. 3.850 8/15/2047

5,265,000.00

$5,489,824.98

3.850

08/15/2047

0.76

ONEOK Inc. 4.950 7/13/2047

2,615,000.00

$2,728,865.99

4.950

07/13/2047

0.38

Oracle Corp. 3.800 11/15/2037

3,545,000.00

$3,725,699.29

3.800

11/15/2037

0.52

Oracle Corp. 4.000 11/15/2047

5,580,000.00

$5,951,925.41

4.000

11/15/2047

0.83

Pacific Life Insurance Co. 4.300 10/24/2067

6,270,000.00

$6,305,112.00

4.300

10/24/2067

0.88

Penske Truck Leasing Co. Lp PTL Finance Corp. 3.400 11/15/2026

6,440,000.00

$6,368,999.64

3.400

11/15/2026

0.89

Pernod Ricard S.A. 5.500 1/15/2042

5,605,000.00

$6,822,926.70

5.500

01/15/2042

0.95

PETROBRAS GLOBAL FINANCE BV 7.250 3/17/2044

1,595,000.00

$1,662,787.50

7.250

03/17/2044

0.23

Petroleos Mexicanos 6.750 9/21/2047

1,595,000.00

$1,668,928.25

6.750

09/21/2047

0.23

Piedmont Natural Gas Co. Inc. 3.640 11/1/2046

6,300,000.00

$6,213,271.68

3.640

11/01/2046

0.86

PNC Financial Services Group Inc. 5.000 12/29/2049

2,705,000.00

$2,867,300.00

5.000

12/29/2049

0.40

PPL Capital Funding Inc. 4.000 9/15/2047

3,630,000.00

$3,742,554.68

4.000

09/15/2047

0.52

Progressive Corp. 4.125 4/15/2047

3,990,000.00

$4,316,173.72

4.125

04/15/2047

0.60

Public Service Electric & Gas Co. 3.600 12/1/2047

2,235,000.00

$2,292,429.22

3.600

12/01/2047

0.32

QEP Resources Inc. 5.625 3/1/2026

1,025,000.00

$1,042,937.50

5.625

03/01/2026

0.14

Rockwell Collins Inc. 4.350 4/15/2047

5,100,000.00

$5,557,150.23

4.350

04/15/2047

0.77

RPM International Inc. 4.250 1/15/2048

3,115,000.00

$3,106,997.57

4.250

01/15/2048

0.43

Sabine Pass Liquefaction LLC 5.875 6/30/2026

6,725,000.00

$7,565,739.33

5.875

06/30/2026

1.05

SECURITIZED NET CASH - ACR1

7,420,257.86

$7,420,257.86

0.000

-

1.03

SECURITIZED NET CASH - CSH1 0.050 12/15/2038

-2,676,262.27

-$2,676,262.27

0.000

-

-0.38

SECURITIZED NET CASH - LT

-1,315,159.44

-$1,315,159.44

0.000

-

-0.19

Shell International Finance BV 4.000 5/10/2046

3,370,000.00

$3,595,072.19

4.000

05/10/2046

0.50

Southwest Gas Corp. 3.800 9/29/2046

2,850,000.00

$2,872,871.25

3.800

09/29/2046

0.40

Southwestern Public Service Co. 3.700 8/15/2047

3,165,000.00

$3,244,157.92

3.700

08/15/2047

0.45

Staples Inc. 8.500 9/15/2025

984,000.00

$912,660.00

8.500

09/15/2025

0.12

State of Oregon Department of Transportation 5.834 11/15/2034

1,605,000.00

$2,071,669.80

5.834

11/15/2034

0.28

Suncor Energy Inc. 4.000 11/15/2047

6,375,000.00

$6,546,657.71

4.000

11/15/2047

0.91

Tampa Electric Co. 4.200 5/15/2045

2,175,000.00

$2,247,530.38

4.200

05/15/2045

0.31

Telefonica Emisiones SAU 5.213 3/8/2047

1,405,000.00

$1,599,372.06

5.213

03/08/2047

0.22

Time Warner Cable LLC 7.300 7/1/2038

5,265,000.00

$6,614,446.35

7.300

07/01/2038

0.92

Transcanada Trust 5.300 3/15/2077

1,415,000.00

$1,461,871.88

5.300

03/15/2077

0.20

Transcanada Trust 5.875 8/15/2076

1,400,000.00

$1,519,000.00

5.875

08/15/2076

0.21

TTX Co. 4.200 7/1/2046

3,070,000.00

$3,161,353.99

4.200

07/01/2046

0.44

Tyson Foods Inc. 4.550 6/2/2047

7,270,000.00

$7,943,998.79

4.550

06/02/2047

1.11

UBS AG Stamford CT 7.625 8/17/2022

4,020,000.00

$4,706,214.00

7.625

08/17/2022

0.65

United Parcel Service Inc. 3.750 11/15/2047

6,920,000.00

$7,157,034.91

3.750

11/15/2047

1.00

United States Cash Management Bill 0.000 1/2/2018

4,639,351.71

$4,639,351.71

1.000

01/02/2018

0.64

United States Treasury Note Bond 2.250 11/15/2027

14,145,000.00

$13,943,235.72

2.250

11/15/2027

1.95

United States Treasury Note Bond 2.250 8/15/2027

270,000.00

$266,161.28

2.250

08/15/2027

0.03

United Technologies Corp. 3.750 11/1/2046

2,865,000.00

$2,874,269.42

3.750

11/01/2046

0.40

UNITED TECHNOLOGIES CORP. 4.050 5/4/2047

3,015,000.00

$3,160,867.21

4.050

05/04/2047

0.44

UPC Holding BV 5.500 1/15/2028

1,715,000.00

$1,672,125.00

5.500

01/15/2028

0.23

US Bancorp 5.125 12/29/2049

2,805,000.00

$2,920,706.25

5.125

12/29/2049

0.40

USB Capital IX 3.500 10/29/2049

810,000.00

$734,062.50

3.500

10/29/2049

0.10

USB Realty Corp. 2.506 12/22/2049

400,000.00

$361,500.00

0.000

12/22/2049

0.05

Valmont Industries Inc. 5.000 10/1/2044

6,255,000.00

$6,566,540.28

5.000

10/01/2044

0.91

Verizon Communications Inc. 4.500 8/10/2033

5,430,000.00

$5,707,625.58

4.500

08/10/2033

0.79

Virginia Electric & Power Co. 3.800 9/15/2047

5,115,000.00

$5,313,522.36

3.800

09/15/2047

0.74

Visa Inc. 3.650 9/15/2047

3,070,000.00

$3,155,122.81

3.650

09/15/2047

0.44

Wells Fargo Capital X 5.950 12/15/2036

3,245,000.00

$3,699,300.00

5.950

12/15/2036

0.51

Westlake Chemical Corp. 4.375 11/15/2047

3,830,000.00

$3,990,490.02

4.375

11/15/2047

0.55

Westpac Banking Corp. New Zealand 5.000 12/29/2049

875,000.00

$873,389.39

5.000

12/29/2049

0.12

Woodside Finance Ltd. 3.700 3/15/2028

3,245,000.00

$3,228,505.67

3.700

03/15/2028

0.45

XLIT Ltd. 3.817 12/29/2049

1,260,000.00

$1,131,480.00

3.817

12/29/2049

0.15

XLIT Ltd. 5.500 3/31/2045

1,895,000.00

$2,019,089.15

5.500

03/31/2045

0.28

Portfolio holdings are as of the date noted below and are subject to change at any time. Holdings may not be representative of current or future investments and may not include the entire investment portfolio. Holdings information is made available to the public 30 calendar days after the most recent quarter-end.

Holdings data is for informational purposes only, and is not intended as a recommendation, offer, or solicitation for the purchase or sale of any specific security. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or part. In no event shall the Delaware Family of Funds or its affiliates have any liability relating to the use of the portfolio holdings.

Unlike the Fund's regulatory filings, the portfolio data and its presentation in this document is not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it may differ from that provided in the complete portfolio of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete portfolio of investments filed in the first and third quarter on Form N-Q.

Total may not equal 100% due to rounding. The Fund’s investment manager, Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust, receives “Credit Quality” ratings for the underlying securities held by the Fund from three “nationally recognized statistical rating organizations” (NRSROs): Standard & Poor’s (S&P), Moody’s Investors Service, and Fitch, Inc. The credit quality breakdown is calculated by DMC based on the NRSRO ratings. If two or more NRSROs have assigned a rating to a security the higher rating (lower value) is used. If only one NRSRO rates a security, that rating is used. For securities rated by an NRSRO other than S&P, that rating is converted to the equivalent S&P credit rating. Securities that are unrated by any of the three NRSROs are included in the “not rated” category when applicable. Unrated securities do not necessarily indicate low quality. More information about securities ratings is contained in the Fund’s Statement of Additional Information.

1If a Fund makes a distribution from any source other than net income, it is required to provide shareholders with a notice disclosing the source of such distribution (each a "Notice"). The amounts and sources of distributions reported above and in each Notice are only estimates and are not provided for tax reporting purposes. Each Fund will send each shareholder a Form 1099 DIV for the calendar year that will provide definitive information on how to report the Fund's distributions for federal income tax purposes. The information in the table above will not be updated to reflect any subsequent recharacterization of dividends and distributions. Click here to see recent Notices pertaining to the Fund (if any).

2Information on return of capital distributions (if any) is only provided from June 1, 2014 onward.

3Includes both short- and long-term capital gains.

Risk managed solutions

Roger Early, Head of Fixed Income Investments, discusses why the team’s assets under management, structure, and mindset are strengths that help distinguish it from others. [Runtime: 2:14]

Risk managed solutions

Fixed income investing at Delaware Investments

One of the most common questions we get — what makes you different? Number one, it’s the size and scope of the assets under management. We’re of a size where we have the resources that can generate great ideas and do in-depth research. We also have a presence on Wall Street where we can actually get the allocations to bonds that we’re looking for. But in addition, we’re small enough that we can make a difference in each client’s portfolio one good idea at a time.

A second feature is the nature of the team. (Background: It goes below 70% ownership.) The team is given the opportunity to really work in their role for their career. That makes all the difference. It raises the perspective of the average person on the team and the level of experience in the end becomes a serious benefit to our team. (Background: Whatever it takes.) We have a culture of ownership, and I think that environment that we sit in provides us with the opportunity to each feel like we personally own the outcome for our client portfolios because nobody is hidden in an office, hiding away making decisions. We’re all making decisions right out there together.

And finally, I think the mindset of being a solutions provider. At a hundred plus billion in assets under management, you have the resources to build well-diversified, deeply researched portfolios. You have the ability to do bottom-up credit work, bottom-up research work, and really that size that allows us to be nimble enough and flexible enough to adapt and really work with the client. Each of these actually are built around the mindset of managing risks in portfolios so that you can raise the chances of delivering the goals and outcomes that the clients desire.

The views expressed represent the Managers’ assessment of the market environment as of April 2016 and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice.

Past performance does not guarantee future results.

Investing involves risk, including the possible loss of principal.

Carefully consider a Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectuses and its summary prospectuses, which may be obtained by visiting delawareinvestments.com or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Assets under management as of March 31, 2016.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Fund may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held by the Fund may be prepaid prior to maturity, potentially forcing the Fund to reinvest that money at a lower interest rate.

The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult for the Fund to obtain precise valuations of the high yield securities in its portfolio.

The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivative transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

If and when the Fund invests in forward foreign currency contracts or uses other investments to hedge against currency risks, the Fund will be subject to special risks, including counterparty risk.

The Fund may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.

International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.

Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

Diversification may not protect against market risk.

All third-party marks cited are the property of their respective owners.

Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries, including the Fund's investment manager (DMC) and the Fund's distributor, Delaware Distributors, L.P. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide. DMC, a series of Delaware Management Business Trust, is a U.S. registered investment advisor.

Neither Delaware Investments nor its affiliates noted in this document are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.

Wayne A. Anglace, CFA

Wayne A. Anglace biography

Wayne A. Anglace,CFA

Senior Vice President, Senior Portfolio Manager

Wayne A. Anglace currently serves as a senior portfolio manager for the firm’s corporate and convertible bond strategies. Prior to joining Macquarie Investment Management (MIM), which includes the former Delaware Investments, in March 2007 as a research analyst for the firm’s high grade, high yield, and convertible bond portfolios, he spent more than two years as a research analyst at Gartmore Global Investments for its convertible bond strategy. From 2000 to 2004, Anglace worked in private client research at Deutsche Bank Alex. Brown in Baltimore, where he focused on equity research, and he started his financial services career with Ashbridge Investment Management in 1999. Prior to moving to the financial industry, Anglace worked as a professional civil engineer. He earned his bachelor’s degree in civil engineering from Villanova University and an MBA with a concentration in finance from Saint Joseph’s University, and he is a member of the CFA Society of Philadelphia.

Brian C. McDonnell biography

Brian C. McDonnell,CFA

Brian C. McDonnell is a member of the firm's taxable fixed income portfolio management team with primary responsibility for portfolio construction and strategic asset allocation. He also serves as lead analyst for residential mortgage-backed securities. He joined Macquarie Investment Management (MIM), which includes the former Delaware Investments, in March 2007 as a vice president and senior structured products analyst/trader, assuming portfolio management responsibilities in 2009. Prior to joining the firm, he was a managing director and head of fixed income trading at Sovereign Securities, where he was responsible for risk management and hedging of the firm’s holdings. Earlier in his career, he spent more than 10 years in various fixed income capacities with Prudential Securities in New York. McDonnell has a bachelor’s degree in finance from Boston College, and he is a member of the CFA Society of Philadelphia.

Michael G. Wildstein, CFA

Michael G. Wildstein biography

Michael G. Wildstein,CFA

Senior Vice President, Senior Portfolio Manager

Michael G. Wildstein is a member of the firm’s fixed income portfolio management team. He manages corporate credit-related portfolios. Before joining the team, he was a senior corporate bond analyst focused on the telecommunications sector for high-grade and high yield portfolios. Prior to joining Macquarie Investment Management (MIM), which includes the former Delaware Investments, in March 2007 as a senior research analyst, Wildstein spent five years at Merrill Lynch Investment Managers in various roles that included portfolio manager for the core bond team, corporate bond research analyst, and corporate bond trader. Before moving into investment management, Wildstein worked in finance, corporate strategy, and business development with several firms including RCN Corporation and AT&T Local Services. He earned a bachelor’s degree from the University of Tampa and an MBA from Drexel University.

Roger A. Early biography

Roger A. Early,CPA, CFA

Roger A. Early is global co-head of the firm’s fixed income team. He rejoined Macquarie Investment Management (MIM), which includes the former Delaware Investments, in March 2007 as a member of the firm’s taxable fixed income portfolio management team, with primary responsibility for portfolio construction and strategic asset allocation. He became head of fixed income investments in the Americas in February 2015. During his previous time at the firm, from 1994 to 2001, he was a senior portfolio manager in the same area, and he left the firm as head of its US investment grade fixed income group. In recent years, Early was a senior portfolio manager at Chartwell Investment Partners and Rittenhouse Financial and was the chief investment officer for fixed income at Turner Investments. Prior to joining the firm in 1994, he worked for more than 10 years at Federated Investors where he managed more than $25 billion in mutual fund and institutional portfolios in the short-term and investment grade markets. He left the firm as head of institutional fixed income management. Earlier in his career, he held management positions with the Federal Reserve Bank, PNC Financial, Touche Ross, and Rockwell International. Early earned his bachelor’s degree in economics from The Wharton School of the University of Pennsylvania and an MBA with concentrations in finance and accounting from the University of Pittsburgh. He is a member of the CFA Society of Philadelphia.

Craig C. Dembek biography

Craig C. Dembek,CFA

Craig C. Dembek is head of credit research and a senior research analyst on the firm’s taxable fixed income team with primary responsibility for banks, brokers, insurance companies, and real estate investment trusts (REITs). He rejoined Macquarie Investment Management (MIM), which includes the former Delaware Investments, in March 2007. During his previous time at the firm, from April 1999 to January 2001, he was a senior investment grade credit analyst. Most recently, he spent four years at Chartwell Investment Partners as a senior fixed income analyst and Turner Investment Partners as a senior fixed income analyst and portfolio manager. Dembek also spent two years at Stein, Roe & Farnham as a senior fixed income analyst. Earlier in his career, he worked for two years as a lead bank analyst at the Federal Reserve Bank of Boston. Dembek earned a bachelor’s degree in finance from Michigan State University and an MBA with a concentration in finance from the University of Vermont.

David Hillmeyer, CFA

David Hillmeyer biography

David Hillmeyer,CFA

Senior Vice President, Senior Portfolio Manager

J. David Hillmeyer is a member of the firm's taxable fixed income portfolio management team. He is co-portfolio manager for the fixed rate diversified multisector, core plus, and investment grade corporate bond strategies. Prior to joining Macquarie Investment Management (MIM), which includes the former Delaware Investments, in August 2007 as a vice president and corporate bond trader, he worked for more than 11 years in various roles at Hartford Investment Management Company, including senior corporate bond trader, high yield portfolio manager / trader, and quantitative analyst. He began his career as an investment advisor in January 1989 at Shawmut Bank, leaving the firm as an investment officer in November 1995. Hillmeyer earned his bachelor’s degree from Colorado State University, and he is a member of the CFA Society of Philadelphia and the Philadelphia Council for Business Economics.

Kashif Ishaq biography

Kashif Ishaq

Kashif Ishaq is head of investment grade corporate bond trading. He also assists in managing investment grade corporate bond exposure within all the portfolios. For the three years prior to joining Macquarie Investment Management (MIM), which includes the former Delaware Investments, in August 2005, he participated in Lincoln Financial Group’s rotational Professional Development Program. He started the program as a financial analyst in the Hartford office, followed by a position in information technology, and lastly he spent a year in the client services department of Delaware Investments. Ishaq received his bachelor’s degree in corporate finance and accounting from Bentley College, with a minor in mathematics.

Paul A. Matlack biography

Paul A. Matlack,CFA

Paul A. Matlack is a strategist and senior portfolio manager for the firm’s fixed income team. Matlack rejoined the firm in May 2010. During his previous time at Macquarie Investment Management (MIM), which includes the former Delaware Investments, from September 1989 to October 2000, he was senior credit analyst, senior portfolio manager, and left the firm as co-head of the high yield group. Most recently, he worked at Chartwell Investment Partners from September 2003 to April 2010 as senior portfolio manager in fixed income, where he managed core, core plus, and high yield strategies. Prior to that, Matlack held senior roles at Turner Investment Partners, PNC Bank, and Mellon Bank. He earned a bachelor’s degree in international relations from the University of Pennsylvania and an MBA with a concentration in finance from George Washington University.

John P. McCarthy biography

John P. McCarthy,CFA

John P. McCarthy is a senior portfolio manager and co-head for the firm’s high yield strategies, a role he assumed in July 2016. From December 2012 to June 2016, he was co-head of credit research on the firm’s taxable fixed income team. McCarthy rejoined Macquarie Investment Management (MIM), which includes the former Delaware Investments, in March 2007 as a senior research analyst, after he worked in the firm’s fixed income area from 1990 to 2000 as a senior high yield analyst and high yield trader, and from 2001 to 2002 as a municipal bond trader. Prior to rejoining the firm, he was a senior high yield analyst/trader at Chartwell Investment Partners. McCarthy earned a bachelor’s degree in business administration from Babson College, and he is a member of the CFA Society of Philadelphia.

You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Funds by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund's Prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder fees

Maximum sales charge (load) imposed on purchases as a percentage of offering price

4.50%

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

1The Fund's investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.57% of the Fund's average daily net assets from Nov. 28, 2017 through Nov. 28, 2018. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Overview

Investment grade credit market performance was moderately positive over the fourth quarter as spreads moved tighter amid a positive market tone, anticipation of successful tax reform legislation, and strong demand from investors. The much anticipated tax reform legislation finally became reality with President Trump’s signing the bill into law. While its impact has been reflected more in the equity markets, investment grade spreads have already priced in the bill’s potential corporate benefits. The tax plan should be positive for both corporations and investment grade credit, with the financials and communications sectors and capital-expenditure (capex) companies in the transportation and energy space benefiting the most. Central banks also did little to upset markets over the quarter with both the European Central Bank (ECB) and the Federal Reserve delivering messages in December that were in line with consensus expectations. However, regardless of projections, the current subdued inflation trends globally will likely mean a gradual approach to policy normalization.

The Bloomberg Barclays US Corporate Investment Grade Index (Index) returned 1.17% for the quarter, outperforming duration-matched Treasurys by 99 basis points. (One basis point equals one-hundredth of a percentage point.) Metals/mining and energy outperformed during the quarter as copper reached a three-year high and West Texas Intermediate oil prices improved almost 17% on supply cut extensions by the Organization of the Petroleum Exporting Countries (OPEC). Supermarkets also outperformed after Kroger reported solid earnings, allaying some fears around Amazon’s entrance into the space. Sector underperformance was largely driven by idiosyncratic events such as earnings weakness from General Electric and Teva, along with Mattel’s being downgraded to high yield amid a weak holiday sales forecast and deteriorating credit metrics.

Investment grade new-issuance volumes reached $1.37 trillion in 2017, surpassing the previous year’s record supply by 5.5%. Nonfinancial volumes drove issuance trends, with the final split at roughly 60% nonfinancial and 40% financial. Mergers and acquisitions, as a use of proceeds, dropped to $185 billion, or 13.5% of total issuance in 2017, versus 2016’s record of $239 billion, or 18.5%. Media and telecom saw the largest year-over-year increase of any sector, up 86% ($85 billion versus $51 billion in 2016), driven by issuance out of the industry’s two largest names, AT&T and Verizon. Despite record volumes, new-issue concessions continue to compress as issuers were able to exert pricing power given the demand for credit. Volumes are projected to decline 9% in 2018, primarily due to reduced supply expectations on the back of corporate tax reform. The technology sector should sustain the largest decline given the impact of overseas cash repatriation for those names. Demand technicals that had been strong all year continued throughout the fourth quarter, ending at $119 billion of inflows for 2017 compared to $47 billion for all of 2016. (Sources: Bank of America, UBS, Lipper.)

Within the Fund

Contributors to Fund performance:

Electric — The Fund’s overweight spread duration at the long end of the curve within the electric sector generated positive performance versus its benchmark, the Bloomberg Barclays Long US Corporate Index, for the quarter as the Treasury curve flattened and 30-year rates declined.

Capital goods — Similarly, within the aerospace/defense subsector, an overweight spread duration at the long end of the curve benefited performance amid a flattening Treasury curve.

Consumer noncyclical — Positive security selection combined with an underweight to the sector benefited performance for the quarter. Exposure to Kroger, the supermarket operator, contributed to performance after the company reported solid third-quarter 2017 earnings, allaying some fears surrounding Amazon’s entrance into the grocery space.

Detractors from Fund performance:

Banking — Exposure to hybrid securities negatively affected performance for the quarter as these securities are relatively short in duration (trade to call date) and as a result underperformed as the Treasury curve flattened.

Energy — Security selection detracted from performance, primarily because of exposure to high yield credits within the midstream subsector. Additionally, the Fund’s underweight to refining and servicers (two of the stronger performing subindustries) and underweight to high-cost Canadian oil sands producers negatively affected performance.

Insurance — Security selection adversely affected performance, as Aetna (which announced it was being bought by CVS Health) was a bottom performer, while spreads on competitor Cigna’s bonds widened in sympathy during the quarter.

Outlook

We believe 2018 will be a transitional year in the US business cycle as the Fed embarks on a path of policy normalization and tax reform implementation begins. Some degree of caution is warranted, as the credit cycle enters the final stages of its record expansion. Valuations appear rich relative to leverage and duration metrics, with current spread levels near post-crisis tights. Leverage also remains high, and interest coverage continues to decline.

Corporate fundamentals were strong in the third quarter, with a 5.5% year-over-year growth in revenue and a 7.8% year-over-year increase in earnings in the S&P 500® Index. While easy comparisons and improved commodity prices have played a minor role in earnings strength, the results reflect overall improvement in economic conditions, particularly within the technology and industrial sectors.

We expect the modest growth scenario to continue, with the current macroeconomic outlook providing room for further expansion of the economic cycle through 2018. However, we believe central bank tightening (the ECB’s tapering of quantitative easing, the unwinding of the Fed’s balance sheet) and US political uncertainty (midterm elections) could increase asset price volatility, which we expect to weigh on the business and credit cycle by 2019, and begin returning credit valuations to mean levels.

The Bloomberg Barclays US Corporate Investment Grade Index is composed of US dollar–denominated, investment grade, SEC-registered corporate bonds issued by industrial, utility, and financial companies. All bonds in the index have at least one year to maturity.

The S&P 500 Index measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

Index performance returns do not reflect management fees, transaction costs, or expenses. Indices are unmanaged, and one cannot invest directly in an index.

[374568]

The views expressed represent the Manager’s assessment of the Fund and market environment as of the date indicated, and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice. Information is as of the date indicated and subject to change.

Document must be used in its entirety.

Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and its summary prospectus, which may be obtained by clicking the prospectus link located in the right-hand sidebar or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Fund may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held by the Fund may be prepaid prior to maturity, potentially forcing the Fund to reinvest that money at a lower interest rate.

The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

International investments entail risks not ordinarily associated with US investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.

Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

All third-party marks cited are the property of their respective owners.

Not FDIC Insured | No Bank Guarantee | May Lose Value

Fund Finder

Daily pricing (as of 02/16/2018)

Class A

Price

Net change

NAV

$6.45

0.02

Max offer price

$6.75

n/a

Total net assets (as of 01/31/2018)

$717.0 million all share classes

Overall Morningstar RatingTM

Class A shares (as of 01/31/2018)

Morningstar disclosure

Past performance is not a guarantee of future results. Morningstar proprietary ratings reflect historical risk-adjusted performance as of 01/31/2018. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Morningstar load-waived ratings do not take into account Class A sales charges. Class A shares without a sales charge (load) are not available to all investors.

The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Morningstar disclosure

Morningstar fund data for all time periods shown are as of the above indicated. Although a Fund may outperform peers when compared to its Morningstar peer group, the returns for that period may still be negative. Rankings shown are provided by Morningstar. Rankings and performance for other time periods are available from Morningstar.

Past performance is no guarantee of future results.

The Fund offers other share classes, and their performance and rankings may be lower than those of the class shown.

Morningstar rankings reflect a fund's historical total return performance, excluding sales charges as applicable, relative to peers as of the above date. The ratings are subject to change every month and are based on equal-rated average of percentile ranks for the total return metrics over 1-, 3-, 5-, and 10-year periods, if applicable. Morningstar rankings are not intended to predict future results, and Morningstar does not guarantee the accuracy of this information.

Expense waivers may have been in effect for some or all of the periods shown. Performance would have been lower if waivers did not apply or if sales charges were included. Morningstar rankings may have been lower if waivers did not apply or if sales charges were included.

Lipper disclosure

Lipper fund data for all time periods shown are as of the date shown. Although a Fund may outperform peers when compared to Lipper peer groups, the returns for that period may still be negative. Rankings shown are provided by Lipper, Inc., a leading independent analysis service. Rankings and performance for other time periods are available from Lipper.

Past performance is no guarantee of future results.

The Fund offers other share classes, and their performance and rankings may be lower than those of the class shown.

Lipper rankings reflect a fund's historical total return performance, excluding sales charges as applicable, relative to peers as of the above date. The ratings are subject to change every month and are based on equal-rated average of percentile ranks for the total return metrics over 1-, 3-, 5-, and 10-year periods, if applicable. Lipper rankings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information.

Expense waivers may have been in effect for some or all of the periods shown. Performance would have been lower if waivers did not apply or if sales charges were included. Lipper rankings may have been lower if waivers did not apply or if sales charges were included.

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Other than Macquarie Bank Limited (MBL), none of the entities noted are authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.

The Funds are distributed by Delaware Distributors, L.P., an affiliate of Macquarie Investment Management Business Trust (MIMBT), Macquarie Management Holdings, Inc., and Macquarie Group Limited. Macquarie Investment Management (MIM), a member of Macquarie Group, refers to the companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.

The Funds are distributed by Delaware Distributors, L.P., an affiliate of Macquarie Investment Management Business Trust (MIMBT), Macquarie Management Holdings, Inc., and Macquarie Group Limited. Macquarie Investment Management (MIM), a member of Macquarie Group, refers to the companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.